Robinhood doesn't run a prediction market; it gives you Kalshi's. Event contracts sit inside the regular Robinhood app, orders route through Robinhood Derivatives to Kalshi's exchange, and Robinhood adds a commission of 10% × price × (1 − price) per contract (5% with Gold), capped at a cent, plus up to a cent of exchange fee. If you already have money in Robinhood and want to trade a Fed decision or an NFL game without opening another account, it's a fine way in. If you'd trade seriously, Kalshi direct gives you the full order book, API, every category and often a lower fee.
What you get
- Markets: 14 sports plus esports (winners, totals, spreads, futures, awards), crypto price markets, climate (temperature, rainfall), tech and science, entertainment (TV, film, music, Rotten Tomatoes scores), a short list of international elections, and an odd exclusive: education contracts such as next year's UCLA tuition.
- Interface: simpler than Kalshi's: pick a side, enter contracts, limit orders good-till-date, partial fills. No order-book depth view, no API.
- Money: your Robinhood cash. No separate deposit flow.
- Settlement: Kalshi's rules; the contract is the same instrument.
What you give up versus Kalshi direct
- Breadth: fewer sports props, fewer crypto timeframes, fewer culture and "mentions" markets.
- Combos: Kalshi's 30-leg combos aren't a Robinhood feature.
- Tools: no API, no full order book.
- Fee: for standard users the commission plus exchange fee is at or above Kalshi's taker fee at most prices, and Robinhood doesn't let you avoid it by resting an order the way Kalshi does for makers.
Fees, worked
| Price | Robinhood commission (standard) | Gold | + exchange fee (up to) | Kalshi direct taker |
|---|---|---|---|---|
| 50¢ | 1¢ (capped; formula gives 2.5¢) | 1¢ (formula 1.25¢) | 1¢ | 1.75¢ |
| 80¢ | 1¢ (formula 1.6¢) | 0.8¢ | 1¢ | 1.12¢ |
| 95¢ | 0.475¢ | 0.24¢ | 1¢ | 0.33¢ |
The cap keeps Robinhood's own charge at or under a cent everywhere, so the exchange fee is what decides the comparison. For Gold members trading mid-priced contracts, Robinhood can come in slightly under Kalshi's taker fee; for everyone else it's a wash at best. Kalshi's free resting orders remain the cheapest route of all.
Where sports is restricted
Because the contracts are Kalshi's, Robinhood inherits Kalshi's state fights and adds some of its own: Connecticut ordered Robinhood Derivatives to stop offering sports-related markets, New Jersey sent a cease-and-desist over sports, and the Nevada litigation applies. Robinhood also filed its own Supreme Court petition on the Ninth Circuit side. Non-sports contracts are broadly available. See legality by state.
Who it's for
Someone who already uses Robinhood and trades event contracts occasionally. The friction saved is real. Anyone trading often, trading size, or wanting combos and the full catalogue should open a Kalshi account and keep Robinhood for stocks.
Fee structure and market list per WSN's Kalshi vs Robinhood comparison (updated Aug 26, 2026) and Robinhood's disclosures; the commission model took effect June 1, 2026.